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As stakeholders, gamers and would-be cryptocurrencies consider whether to increase their Bitcoin stakes, the world’s most popular cryptocurrency looks ideal now, despite the fact that it is trading near a record high, Nairametrics has decided to evaluate some key fundamentals that show Bitcoin looks like a bargain.
With prices exceeding $ 18,000 for the first time since 2017, BTC looks poised to break its previous all-time high. More investors hold bitcoins to preserve wealth.
READ: High-demand Bitcoin, hits 2-year high, trading $ 17,000
A recent report from Glassnode, revealed that Bitcoin’s trade balances plummet supports the narrative that investors intend to keep their flagship cryptocurrency more than ever, bearing in mind that with the prevailing demand at stake and the limited supply of Bitcoin, the price would definitely go up. north.
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Priced above $ 18,000 for the first time since 2017, $ BTC it looks poised to break its previous all-time high.
Meanwhile, falling #Bitcoin foreign exchange balances support the narrative that investors intend to hodl.
Learn more about The Week On-Chain 👇https: //t.co/fRTVsO1tqM pic.twitter.com/3VQWgsvmGO
– glassnode (@glassnode) November 23, 2020
Bitcoin liquidity keep it going its downward trajectory, arguing that the bitcoin macro is becoming rare for open sale.
It is also important to note that Bitcoin has a circulating supply of 19 million coins and a maximum supply of 21 million coins, which means there are approximately 2 million left to mine.
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Taking into account that around 4 million Bitcoins have been lost forever due to the death of the owners of BTC and their close relatives do not have access to such cryptocurrencies, it is fair to say that there are only around 15 million BTC currently in circulation for to satisfy 7 billion people struggling to have a stake in Bitcoin, which means that as BTC becomes scarce and more popular, it becomes a matter of time for cryptocurrency valuation to reach the ceiling.
READ: Ripple hits a big bang, earns 30%
Bottom line
It is vital to consider the bias that global financial regulators are starting to implement their regulatory framework on cryptocurrencies, it could become a matter of months for global banks and multinationals to increase their buying pressures on BTC. In doing so, pushing the price beyond the reach of an average investor.
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